The subject property is the investment in the land under a freestanding Wachovia Bank located along U.S. Highway 59 in Houston, Texas. Included in the sale is a pylon sign leased to CBS Outdoor / Viacom. Wells Fargo & Co. (S & P Credit Rating: AA) acquired Wachovia Bank on December 31, 2008. The tenant constructed all improvements and retains ownership of their building. At the termination of the lease, all improvements revert to the landowner. This high traffic location is at the entrance to Sharpstown Mall, Houston’s Premier Urban Mall (currently undergoing a $10 million renovation). Traffic generators in the area include Target, Walgreens Drugstore, Anna’s Linens, The Jewelry Exchange, Taco Cabana, Popeye’s Chicken, Jack in the Box, Wendy’s, Arby’s, Burger King and Whataburger. The site has excellent visibility from adjacent Highway 59, with easy access to and from the freeway north of Beltway 8 and south of 610 West Loop. The Property is near the city’s largest and most sophisticated suburban medical facility, Memorial Hermann Hospital. Significant retail and commercial development is ongoing in this area. The Property is located within the city’s ‘improvement district’. Investment of over $20,000,000 has been approved for roads, parks, and commercial development to promote the area. The Houston MSA is the fourth largest in the U.S. and is home to 18 Fortune 500 companies and 5,000 energy related firms. The 2007 estimated population for the Houston MSA it is over 5.5 million people. The signage is expected to be changed to Wells Fargo in the summer.

Tenant: Wells Fargo & Co.
Wachovia Corp. previously the nation’s fourth largest bank holding company and third largest full-service retail brokerage firm was acquired by San Francisco based Wells Fargo in December 31, 2008 for $12.86 billion. This acquisition created North America’s most extensive financial services system with 11,000 stores, 12, 260 ATMs, 48 million customers and $787 billion in deposits. The Company provides commercial and retail banking and trust services, as well as financial services, including mortgage banking, investment banking, investment advisory, home equity lending, asset-based lending, leasing, insurance, international and securities brokerage services, through other subsidiaries. The combined company will be #1 in deposit market share in 17 of 39 states.